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Derivatives (Tables)
 3 Months Ended
Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Derivative Financial Instruments
The following table presents the fair value of derivative financial instruments as of the dates indicated (in millions):
 
 
 
March 31, 2019
 
 
December 31, 2018
 
 
 
Fair Value of Derivatives
 
 
Fair Value of Derivatives
 
 
 
Asset (a)
 
 
Liability (a)
 
 
Asset (a)
 
 
Liability (a)
 
Derivatives designated as effective hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency contracts
 
$
7.9
 
 
$
3.6
 
 
$
13.3
 
 
$
0.7
 
Fair value hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
 
 
—
 
 
 
6.0
 
 
 
—
 
 
 
11.5
 
Derivatives not designated as effective hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency contracts
 
 
8.6
 
 
 
8.2
 
 
 
12.9
 
 
 
4.2
 
Commodity contracts
 
 
—
 
 
 
1.3
 
 
 
—
 
 
 
0.9
 
Total
 
$
16.5
 
 
$
19.1
 
 
$
26.2
 
 
$
17.3
 
(a) Consolidated balance sheet location:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Asset: Prepaid expenses and other, and other non-current assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liability: Other accrued liabilities, and current and non-current liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Schedule of Pretax Effects of Derivative Financial Instruments Designated or Previously Designated as Effective Hedges
The following tables presents gain and loss activity (on a pretax basis) for the three months ended March 31, 2019 and 2018 related to derivative financial instruments designated or previously designated, as effective hedges (in millions):
 
 
 
 
 
 
Three Months Ended

March 31, 2019
 
 
Three Months Ended

March 31, 2018
 
 
 
 
 
 
Gain/(Loss)
 
 
Gain/(Loss)
 
 
 
Location of gain/
(loss) recognized
in 
income
 
 
Recognized

in
OCI (a)

(effective portion)
 
 
Reclassified

from
AOCL

to Income
 
 
Recognized in

OCI (a)

(effective portion)
 
 
Reclassified

from
AOCL

to Income
 
Interest rate swaps
 
Interest expense, net
 
 
$
—
 
 
$
(1.5
)
 
$
—
 
 
$
(1.9
)
Foreign currency contracts
 
Net sales and cost of products sold
 
 
 
(6.1
)
 
 
5.7
 
 
 
(5.3
)
 
 
(6.4
)
Commodity contracts
 
Cost of products sold
 
 
 
(0.6
)
 
 
—
 
 
 
—
 
 
 
—
 
Cross-currency swaps
 
Other expense (income), net
 
 
 
—
 
 
 
—
 
 
 
(3.4
)
 
 
(4.8
)
Total
 
 
 
 
 
$
(6.7
)
 
$
4.2
 
 
$
(8.7
)
 
$
(13.1
)
 
(a)
Represents effective portion recognized in Other Comprehensive Income (Loss) (“OCI”).